Interesting article but it fails to mention a significant source of liquidity for startup shares (both currently and historically): Acquisition by a publicly t

Interesting article but it fails to mention a significant source of liquidity for startup shares (both currently and historically): Acquisition by a publicly traded company. IPO isn't the only way to obtain liquidity, but what's interesting is just like companies are shunning IPO they are also shunning acquisition. We don't normally get to know about failed acquisition offers but Snapchat's $3bn offer by Facebook is a great case in point. A few years ago practically no one would have turned down that kind of offer, which would have also created a liquidity event for everyone currently employed at Snapchat. Various factors today mean someone like Evan Siegel was prepared to turn that down. I'd love to see more discussion about that as much as the IPO market itself.